Situated on a 4 acre plot beside MAS building and Menara Hap Seng, and behind the Weld. This plot used to be the old St. Mary's School which was demolished. The developer, a E&O (of Dua Residency and Sri Tanjung Pinang fame) and Lion Group JV, is building 3 tower blocks forming a quadrangle with 5-star common facilities. Currently, the East tower beside MAS building is being launched (very quietly) and I understand the take up rate has been quite swift. Apparently, 70% of the units been snapped up as of 1st August 09. The 2nd tower parallel with Jalan Tengah and the Weld will be launched later. The 3rd tower running parallel with Jalan P Ramlee is given en bloc to the St mary's foundation in exchange for the land. It is understood that the foundation is negotiating with a hotel group to manage the building as a serviced residence. 
Apparently, the developer has gone to Singapore to launch Tower A this weekend 29th August at a minimum price of RM1200psf. At this price, it puts the 1453sf 2 bedroom units at RM1.7million. At this price, I would imagine the Singaporeans would get quite excited as the location is akin to Singapore's Marina Square or Orchard Road or Raffles Place and they can't even get a bathroom in a HDB flat for that in those areas. Let's wait and see.
As for Tower C which saw an enthusiastic take up the past couple of months, there are still a few units available at higher floors. Naturally the not so popular units facing the MAS building are still available and I think the developer will still end up with these up till vacant possession. These units facing the MAS building is not very popular due to Feng Shui issues. The sharp side of the building pokes into the master bedroom and living room of the unit only 40 ft or 13m away. This is not very far... According to Feng Shui masters, if you have this kind of feature affecting you, it means you will not stay long in that place. You will be evicted at some stage either through bankruptcy, redundancy or whatever unpleasant ways... However, at RM700psf it seems many people did not care as the units all the way up to the 10th floors were snapped up. Those 11h floor and above have what they call the higher floor premium and hence, from the 10th to the 11th floor, there is a RM200,000 premium. That's why they are still available....
picture above: Those units facing MAS building has feng shui issues, hence the 20% - 30% lower price
picture above: Concrete wall will replace window where the sharp edge points into the building and the developer is providing vertical lourves to ward off the bad feng shui
It is no more a secret that the MAS building next door has been sold to the Government's investment arm, Permodalan Nasional. They have got a permit to convert the building into a hotel. Some blogs such as skyscrapercity has published some architect rendering of the hotel and it seems, the ugly tall tower of the building will be maintained. The podium area at the back of the building will be converted into a 20+ storey hotel tower, which will essentially block out all views from St Mary tower C unit 3A whether you are on the 2nd floor or 20th floor.... makes no difference... haha
The popular units in Tower C and I can imagine Tower A as well are the 1 bedroom units. These are large size 1000sf and above units and I love them because they are bright and airy being corner units. For those buying for investment, I also do wonder how many tenants would be able to pay at least RM6000/month for a 1 bedroom unit for the owner to enjoy at least 7% returns. But then again, I wondered the same thing when Seri Bukit Ceylon was being built 5 years ago when a bedroom unit there only cost RM250k and rent back then was about RM1500/month in that area. When Seri Bukit Ceylon was completed, owners were able to get RM3000/month rent, offering more than 12% yield.
picture above: The one bedroom units are large and all of them are corner units
picture above: on the other hand, the 2 bedroom units have no windows for the bathrooms and the 3rd room
The direct competitor of St Mary at launch time is Verticas Residensi in Bukit Ceylon. I've posted a point by point comparison as at that time I was contemplating between the 2 and St Mary won my vote (and my money...). Still, I am unhappy about the unit layout and the extremely shitty view I am about to get but for the location and the prestige of the project, I am satisfied that this will be good money to spend.
I am not going to post any more copyrights pictures on my blog so for some idea how this place looks like, please go to the developer's website at www.stmaryresidences.com but please be careful with any beautiful marketing talk and renderings....
9 comments:
Pavilion Residences Tower 1 is being launched in Singapore this weekend too (29 Aug 2009). Prices start at RM 1100psf. Higher floors facing KLCC will be around RM 1200-1300psf.
What do you think about this project?
i don't touch leasehold... pavilion residences is leasehold.
You're right.!! St Mary's 2 bedrooms unit floor layout is vvvery badly design. Horse Shoe designed. No window to the open kitchen concept. Cooking cause oil & foul smell to the living & dining hall. No wash ward area for laundry. Where is the maid toilet.??? Unpractical for the maid to be using the bedroom's toilet. Balcony are subject to tenant hanging them underwear there to dry since no washward area. Looking at the cheap entry level for the purchaser to afford lower quality tenant. All washroom no window. Not hygenie & not airy. Foul smell also. Bedrooms sandwish the living hall. No privacy to the bedrooms. who's will buy this 2 bedroom.???
well... somehow it is almost sold out... sometimes, good location means developers and architects can get away with murder. The small room is not the maid's room. that is the study or office. i think one can dry their clothes in the dryer provided... no need to hang outside. and i don't think the entry level is that cheap... RM1million and up, not cheap at all... the cheap ones are at one residency, 231TR, idaman residence, parkview...
Star dailies 30-Sept-2009. E&O reported 2009 financial losses at RM 31.0 million Do you forsee management problem in St Mary of the losses.?? More over no free 12 months management fee. St Mary small room is a study/office room. I believed the small room shall be too dark & stuffy to be a suitable study room. Is a common practise by condo with balcony tends to have the laundry at balcony.
There are developers who make bigger losses than that. In my experience, any development with a live-in serviced residence or hotel managed by a professional company (e.g. Nomad at Sucasa, Somerset at Seri Bukit Ceylon, Ascott at Marc Residence etc) typically do better. St Mary will have E&O hotel and the E&O corporate HQ at site. I dont think they will mess it up so close to their HQ. Dua residency seems to have done very well.
I think the biggest concern is the layout. But I don't think people will hang their laundry outside the balcony. The buyers or tenants who can afford St Mary will not be the same as those living in City Gardens, Sun complex etc.
12 months free management fee is only worth about RM8k a year. I don't see
Being the typical impulsive buyer i am, i hv already put my money down and bought a city suite in tower A and only now i am doing my research and read this blog.
hmmmmm.
All in all, this CBD aptmt is a better buy than those at the KLCC area. Too much hype for property there, over priced. I like the idea that St Mary is not situated at the commercial area, its surrounded by business district so tenants will get better sleep.
Pls be aware that if u do decide to take up a unit, best to take the max 90% loan deal offered by developer rather than any less as u will then need to fork out ur own $$ for the differential...
What's the problem v leasehold if location is good, ROI better than freehold? Anyway, these kind of properties mainly for rental right. So what's d problem?
i'd like my kids to have it without begging the government to renew the lease..
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